Bitcoin analyst 'highly doubts' return to $50K — Will the weekly close spark a correction?

5 days ago 27

Bitcoin has ne'er managed a play adjacent supra $60,000, and failing to bash truthful again risks a reversal downhill, a caller informing says.

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Bitcoin expert  'highly doubts' instrumentality    to $50K — Will the play   adjacent  spark a correction?

Bitcoin (BTC) challenged brand-new enactment levels connected Oct. 14 aft overnight successes took the marketplace past $58,000 

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Bitcoin "dips" to adjacent $57,000

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD arsenic it reversed towards $57,000 aft hitting highs of $58,540 connected Bitstamp.

The moves mimicked the archetypal clip Bitcoin had attacked $58,000 successful February — respective attempts interspersed by consolidation, followed yet by a tally to April's all-time highs.

Despite on-chain indicators showing that Bitcoin is simply a different beast successful Q4, however, the temper was conscionable arsenic bullish this clip around.

"Bitcoin is astir apt conscionable continuing this grind towards the all-time highs," Cointelegraph contributor Michaël van de Poppe wrote successful his latest Twitter update.

"Great bounce from $54K. Highly uncertainty we'll spot a retest astatine $50K happening."

Cementing $50,000 arsenic enactment — albeit for a 2nd clip successful 2021 — would signifier a wide awesome connected the marketplace trajectory arsenic pundits cogwheel up for what they expect to beryllium an explosive extremity to the year.

For trader and expert Rekt Capital, however, determination was imaginable origin for interest this week. Zooming out, BTC/USD has failed to adjacent a play candle supra $60,000, and a repetition show could likewise spell a copycat correction

#BTC has successfully retested its Daily Bull Flag frankincense far

But Bitcoin is inactive beneath large Weekly absorption (red)

In fact, immoderate benignant of Weekly Close beneath $60000 has historically preceded a $BTC retrace from these highs#Crypto #Bitcoin pic.twitter.com/n9vFaaalVM

— Rekt Capital (@rektcapital) October 13, 2021

That leaves bulls until Sunday to ace a humanities watermark, thing which whitethorn inactive beryllium helped earlier Monday's approval decision connected a futures-based exchange-traded money (ETF).

Polkadot breakout headlines altcoin return

Altcoins meantime saw little respite from weakness successful the look of "Bitcoin Season."

Related: Price investigation 10/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI

The objection was Polkadot (DOT), up 28% successful a week connected quality that its auctions would yet statesman adjacent period — a cardinal archetypal diagnostic five years successful the making.

DOT/USD 1-hour candle illustration (Kraken). Source: TradingView

The largest altcoin Ether (ETH) managed 5.3% regular gains, with each of the apical 10 cryptocurrencies by marketplace headdress trading higher connected the time arsenic Bitcoin slowed.

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